RIM shareholder says company should split into 3 divisions: network, device and patent

Another day, another investor hate on RIM. I’m just waiting until RIM unleashes their new BBX/QNX-based smartphones then we’ll see Jaguar Financial Corporation backpedal and say RIM is a forward thinking company.

You might remember Jaguar from a month ago when they Vic Alboini, Chairman and CEO of Jaguar, stated that “The status quo is not acceptable, the Company cannot sit still. It is time for transformational change. The Directors need to seize the reins to maximize shareholder value before more market value is lost”. We’re guessing the message didn’t get very far as he’s back once again, urging change. In a press release Jaguar noted that 8% of shareholders “approve Jaguar’s call for change in corporate governance and pursuit of value creative transaction”. That “creative transition” he speaks of is to either sell the company, merge with another or split into 3 separate divisions: a network company, a device company, and a patent company.

In addition, Jaguar continues their mission to oust both co-CEO and Co-Chairmen James Balsillie and Mr. Mike Lazaridis, saying “..there is no doubt that the Co-CEOs deserve historical credit for RIM’s past successes, and they have been first class entrepreneurs. But their time as builders is over. There are signs of a broken organizational structure… It is time for RIM’s independent directors to step up and bring in a transformational CEO as well as a strong and respected independent Chairman. These two appointments will address the historical lack of attention and oversight at the Board level, and the need for a laser beam focus by management on RIM’s business rather than distractions such as a professional hockey team.”

Bring on those new devices RIM!

Source: CNW

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